REAL ESTATE
West Side homes can retain Report suggests summer value even with slower sales might bring balanced market
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by Carlito Pablo
by Carlito Pablo
he median price of detached homes on the East Side of Vancouver has started to soften amid declining sales. The number of sales is also falling on the wealthier West Side of the city, but the median price is not only holding up, it is going up. While the median price of East Side detached homes dipped 1.4 percent in April 2022 compared to March this year, the same measure for a single-family residence on the West Side rose 7.6 percent. In April this year, the median price of a West Side home increased to $3,768,000 from the previous monthly level of $3.5 million. Median price is the middle point in a list of prices. Rising median prices indicate that property prices are on the rise. If the median price is moving up, that’s a sign that a market is hot. Vancouver realtor David Hutchinson is currently looking for a West Side home for a client. Last year, Hutchinson sold that client’s home in West Vancouver for $3,150,000; the seller wants to eventually settle in a new place in Kitsilano. “The West Vancouver property was very spacious, and it has amazing ocean and sunset views, but Kitsilano is more central for his lifestyle,” Hutchinson told the Straight. It’s often said that real estate is all about location. For Hutchinson, that explains the durability of the housing market on the West Side. “The West Side of Vancouver is a very resilient market due to its convenience, proximity to beaches, shopping, good schools, and it’s also close to downtown Vancouver and local ski hills,” Hutchinson said.
here may be more to this summer than the usual sun, sea, and sand. For prospective buyers of homes in Metro Vancouver, it could mean the arrival of a balanced housing market. A recent report by real-estate marketing firm rennie suggests it’s possible. “Maybe—just maybe—we’ll find ourselves with balanced market conditions just in time for summer,” states the rennie review that came out May 11. A balanced market means that sellers and buyers are on equal footing. This means a sales-to-listings ratio of between 12 percent and 20 percent. To explain, a ratio lower than 12 indicates that there aren’t many buyers. A figure above 20 suggests that a lot of purchasers are competing for properties and sellers are in control. A balanced market may not come this summer, but there are signs that should give some hope for potential buyers. “The early returns for May are showing moderate sales counts, similar to those in April, as inventory continues to expand,” the rennie report stated. How did April 2022 look in the markets covered by the real-estate boards of Greater Vancouver and the Fraser Valley? The rennie review said that sales from both regions last month totalled 4,826, a 30 percent drop from March, and 38 percent below April 2021. “Having noted this, we’d be remiss if we didn’t also point out that both March 2022 and April 2021 posted atypically-high sales totals; indeed, compared to the pastdecade April average, last month’s sales
LANGLEY
Rennie & Associates listed this West 11th house for $3,698,000. It sold for $3,850,000 on May 3.
The Sutton Group–West Coast Realty agent noted that the West Side has “long been a unique and desirable neighbourhood. It’s a very popular location for buyers, including those from various other countries. “The large, distinctive homes attract a wide variety of buyers seeking the privacy and exclusivity of West Side neighbourhoods such as West Point Grey and Shaughnessy,” he continued. “West Side homes really hold their value.” It’s typical in many real estate markets for prices to go up and down in a cycle, but that, generally, does not apply to Vancouver real estate on the West Side. “The West Side is a relatively sheltered market,” Hutchinson said. With the arrival of the Broadway subway, those locations will become even more desirable, the realtor noted. The number of detached homes sold on the West Side of Vancouver fell from 124 in March 2022 to 93 in April, marking a 25 percent drop. g
LANGLEY
NORTH VANCOUVER
This home at 3289 West 36th was listed for $4,800,00. It sold the next day for $4,380,000.
only came in 1% lower.” Meanwhile, new home listings are rising. “It was the fourth consecutive monthly increase in supply, though inventory remains relatively constrained overall: the 13,475 homes for sale at the end of April are still 14% below April 2021’s level, and 25% below the past 10-year April average.” As well, the sales-to-listings ratio dropped to 36 percent in April from 59 percent in March. This means that the “market is still tilted in favour of sellers”. However, “conditions have markedly improved for buyers insofar as having a greater range of housing options to choose from”. “It can be said, then, that market conditions have shifted—moderated, more pointedly,” the rennie review stated. g
NORTH VANCOUVER
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